DEVELOPING THE NIGERIAN STEEL SECTOR: THE ECONOMIC AND INDUSTRIAL IMPLICATIONS

Sunday Chukwuyem Ikpesenia, Kesiena Owebora, Hilary Ijeoma Owamah

Abstract

This paper has reviewed the performance of Nigeria’s steel sector in comparison with global steel production and utilization. The potential of the steel sector to create jobs, stimulation of economic growth and industrialization was examined. It was found out that the top twenty economies of the world are steel producing countries except Switzerland that commenced steel production recently. Some challenges facing the Nigerian steel sector were highlighted to include low quality of iron ore, non-coking nature of the Nigerian coal, high sulphur and phosphorous contents of Nigerian ore, corruption and poor contracting strategy among others and possible solutions were suggested. The paper recommends that Nigerian government should make pragmatic and urgent effort towards the development of her steel industry, if sustainable development is to be achieved. This can be done by enacting appropriate steel development policies, creating conducive environment for investments, and exertion of appropriate political will to eliminate or minimize corruption in the steel and other sectors of the Nigerian economy. Read full PDF

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